Pension - moving, payments, payment 'holiday'
Discussion
I'll be changing jobs in a few weeks
My current employer I've been paying in their LGPS for over 10 years. I understand I can transfer this pension into my new employers (Healthcare)
They new pension payments will be much higher (approx 12%) and a higher salary to boot.
My question is, can I move my current pension pot over, and then hold off paying into the new pension for no longer than 4 months?
Reason being the extra £500 PCM payments x 4 will give me a nice cash buffer as we are expecting our first child in a few months.
Partner is self employed so we will be relying on my income mainly. The above means we can leave our rainy day pot alone.
I understand this will change final value of my pension etc etc.
Thoughts welcome.
My current employer I've been paying in their LGPS for over 10 years. I understand I can transfer this pension into my new employers (Healthcare)
They new pension payments will be much higher (approx 12%) and a higher salary to boot.
My question is, can I move my current pension pot over, and then hold off paying into the new pension for no longer than 4 months?
Reason being the extra £500 PCM payments x 4 will give me a nice cash buffer as we are expecting our first child in a few months.
Partner is self employed so we will be relying on my income mainly. The above means we can leave our rainy day pot alone.
I understand this will change final value of my pension etc etc.
Thoughts welcome.
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